Capital Region | Apartment prices in these areas have already started to rise – HS’s search engine shows the locations

In the capital region there are areas where apartment prices have risen during the year, even though the general trend in apartment prices has been clearly downward both in Finland as a whole and in the capital region.

According to Statistics Finland’s most recent statistics, the prices of old shared apartments in April fell by more than five percent in the six largest cities compared to a year earlier. In the capital region, they fell even more, 6.4 percent.

However, according to the data containing apartment sales announcements examined by HS, there are large regional differences in the asking prices for apartments within the capital region.

For example, in March–May, asking prices for two-bedroom apartments were more than 15 percent lower than a year earlier in certain postcode areas of West Vantaa and eastern Helsinki, while in other areas, asking prices were at most even more than 20 percent higher than a year earlier.

The information appears from the data of the Oikotie Asunnot online service, which HS received for analysis. To improve comparability, only apartments in good condition were included. Asking prices were compared by zip code area, and only those areas were included that had at least ten apartments for sale in the review period between March and May.

Apartments price requests have defied the general trend, especially in Hakunila and Länsimäki and Mikkola located in Itä-Vantaa. In Hakunila, the demand for apartments in March–May was, on average, more than 20 percent more than a year earlier.

CEO of the Central Association of Real Estate Brokers Tuomas Viljamaa says that the rise in prices in East Vantaa is due to the “railway factor”.

The light rail line coming to Vantaa passes right through Hakunila, for example, and attracts construction in nearby areas. New apartments are known to be more expensive than their selling prices.

The phenomenon can also be seen in other cities where public transport is being improved. For example, according to Viljamaa, the tram project to be extended to Pirkkala in Tampere has caused a similar increase in value.

According to Viljamaa, spikes in demand and price increases can be seen at different stages – when a decision is made about the design, construction work begins and even when the project is completed.

“Knowledge about public infrastructure investments improves the value of apartments and real estate and increases the selling price,” says Viljamaa.

When looking at the postcode areas where asking prices have increased by more than ten percent, all are in Vantaa. On the other hand, there are also areas in Vantaa where asking prices have decreased. For example, in the neighboring area of ​​Mikkola, Rekola, they have decreased by more than 13 percent.